business

The figure covers the period from January 1 to 20 and shows a 36.8% decrease compared to the same period in 2017. Meanwhile, disbursements rose by 10.5% to more than US$1 billion. According to the national statistics agency, the manufacturing sector was the largest recipient of foreign direct investment (FDI), accounting for US$330.6 million, or 74.7% of total pledges. Ho Chi Minh City led the nation in attracting FDI, receiving US$86.2 million, followed by Nam Dinh and Ninh Thuan province with US$80 million and US$60 million respectively. Singapore was the largest foreign investor in January, pledging US$147.7 million. The Republic of Korea and Norway were the second and third largest with commitments of US$70.4 million and US$70 million respectively. … [Read more...] about FDI pledged to Vietnam drops 36.8% in January

Q: Among the 115 countries and territories with investment projects in Vietnam, Japan is the largest investor with a registered capital of up to US$9.11 billion, accounting for 25.4% of the total foreign investment in Vietnam in 2017. What drove Japanese companies to pour so much capital into Vietnam? A: We are happy to see that the Vietnamese Government pays adequate attention to improving the business climate and creating favourable conditions for Japanese firms to do business in the country. That facilitation has been carried out right from the basic initial steps through to the implementation of specific plans. Especially, during a working session between Vietnam’s Advisory Council for Administrative Procedure Reform and Japanese businesses, many representatives of our firms had the chance to openly and frankly discuss business with the leaders of Vietnam’s functional agencies. In addition, we also feel assured because of the firm commitments, from words to actions, … [Read more...] about Japanese businesses feel confident to invest in Vietnam: JBAV President

Cam Pha Port and Logistics Company and Cua Ong Coal Company, the two affiliates of the Vietnam National Coal and Mineral Industries Group (Vinacomin), jointly managed the first shipments of coal for the Yun Qian and Viet Thuan 235.03 vessels which will carry supplies to the Malaysian market and Vinh Tan 2 thermal power plant in Binh Thuan province, respectively. Since the beginning of 2018, Cam Pha Port and Logistics Company has transited nearly 1.6 million tonnes of coal, with 1.5 million tonnes for domestic consumption, and more than 68,000 tonnes for export. Despite difficulties in coal production and consumption in 2017, Vinacomin fulfilled its business plan for the past year with 35 million tonnes of coal produced and 35.6 million tonnes sold for use. In 2018, the State-owned industrial conglomerate aims to produce about 36 million tonnes of coal (up 2.5 million tons compared to 2017), of which domestic consumption will account for 34.1 million tons and exports about 1.9 million … [Read more...] about Cam Pha port loads first batches of coal in Lunar New Year

Prof. Dr. Nguyen Mai, former Vice Chairman of the State Committee for Cooperation and Investment recalled his attendance at a special event held by the Vietnam Posts and Telecommunications Group (VNPT) in 2001. This was a ceremony to mark 10 years since concluding a cooperation agreement between VNPT and the Australia-based Telstra telecommunications and media corporation in 2001, which also served as an opportunity for VNPT to thank its partner, Mai said. At the time of the cooperation agreement between VNPT and Telstra, the United States had not yet lifted its embargo against Vietnam. However, Telstra helped its Vietnamese partner to build a customer-oriented approach, improving business management capacity and training the human resources required, which serves as a perfect example of what Vietnam expects from FDI inflows. Such factors reflect the quality of FDI inflows which help to create a strong spillover effect for the economy, Nguyen Mai said when speaking of the benefits of … [Read more...] about FDI attraction, highlights and inadequacies

The project targets the promotion of cooperation with countries that Vietnam has set up strategic and important partnerships with, thus contributing to the growth and diversification of export markets and helping improve competitive capacity and awareness of Vietnamese enterprises on integration. It also aims to strengthen coordination among ministries, departments, branches and associations in Vietnam and abroad, through implementation of trade promotion and investment activities to promote the improvement of the business environment in Vietnam. The aim is to improve the quality of products and the mode of production using efficient technologies while strengthening the connection between foreign invested enterprises and domestic ones. The Vietnam Chamber of Commerce and Industry and other enterprises and business associations, in coordination with other government agencies, are responsible for implementing trade promotion activities under the project. The project’s activities … [Read more...] about PM urges promotion of trade and investment with strategic partners

He urged the sector to continue its roll out of information technology use in tax management to ease the burden for taxpayers. Earlier this year the Vietnamese government set a target to reduce the ratio of tax arrears to less than 5% of total government income and earn revenues 3% higher than the goal set by the National Assembly. In addition to simplified tax procedures, the government will also oversee a reduction and simplification of 50% of business rules as well as halving the list of goods subject to inspection. The Prime Minister also asked the tax sector to work with other agencies to formulate a scheme on tax management for the informal sector. … [Read more...] about Vietnam to cut admin procedures to help taxpayers

VSD has also approved the modification of information for 40 foreign investors (eight institutions and 32 individuals), cancelling three trading codes for foreign investors (one institution and two individuals). As of now, the total number of trading codes for foreign investors is 24,162 (3,607 institutions and 20,555 individuals). In January, foreign investors posted net buying value of VND8.9 trillion (US$391 million) on the HCM Stock Exchange, including four consecutive months of net buying, totalling VND23.1 billion. On the Hanoi Stock Exchange, foreign investors posted a net selling of more than VND477 billion, equivalent to a net selling volume of 14.5 million shares. … [Read more...] about Nearly 660 foreign investors receive trading codes in January

The survey covers the operations of Japanese enterprises in Asia and Oceania and its findings were announced by the Japan External Trade Organisation (JETRO) in Ho Chi Minh City on February 6. Chief Representative of JETRO Office in Ho Chi Minh City Koji Takimoto said that the survey received valid responses from 4,630 Japanese enterprises in 20 countries and territories around the world, including 652 Japanese enterprises in Vietnam. The survey showed that 65.1% of Japanese enterprises operating in Vietnam recorded a profit in 2017, up 2.3 percentage points from the previous year. In addition, about 70% of Japanese enterprises expressed their intentions to expand their business in Vietnam, a slight increase compared to 2016. The rate is relatively high compared to other countries, indicating the attractiveness of the Vietnamese market. Japanese enterprises mentioned key factors for their developments in Vietnam including the advantages of the investment environment, political and … [Read more...] about Survey says 70% of Japanese enterprises wish to expand business in Vietnam

It is one of the contents mentioned by Israeli Ambassador to Vietnam, Nadav Eshcar, in a recent interview that he granted to a reporter of the Communist Party of Vietnam (CPV) Online Newspaper. The diplomat highlighted Israel’s strength in high-tech agriculture, stating that his country could bring technology to Vietnam to help the country with its agricultural development. Concerning the signing of the Vietnam-Israel FTA, he said the negotiation process is taking place properly, voicing his hopes that Vietnam will be the first country in East Asia to sign an FTA with Israel, as there are ongoing FTA negotiations between Israel and other countries in the region. When asked about what both countries should do to promote bilateral agricultural cooperation, Eshcar stated that the Israeli embassy will step up the development of experimental models and agricultural research centres in various parts of Vietnam, as well as promoting the exchange of information with the Vietnamese … [Read more...] about Israel-Vietnam FTA to bring numerous benefits for both countries

Under the warning, the European Union (EU) checks the origin of all seafood products imported from Vietnam, resulting in an extended time for entry procedures and increased costs for inspection and warehousing. If Vietnam cannot fulfil the recommendations over the illegal fishing exploitations after six months, the EU will then issue a 'red card' which could mean that Vietnamese aquatic products would be unable to enter the EU market. In order to promptly overcome these difficulties and help the fisheries sector to develop in a sustainable way, Prime Minister Nguyen Xuan Phuc issued Directive No. 45/CT-TTg in late November 2017 to devise a number of drastic tasks and solutions in response to the EU’s warning. In the beginning of this year, the PM approved a national action plan to prevent, deter and eliminate IUU fishing. Especially, he emphasised the specific tasks that are needed to be urgently implemented from now until April, so that the 'yellow card' could be withdrawn in … [Read more...] about Urgent measures implemented towards removal of EU yellow card